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How is Income Tax Calculated, Can it be Paid Online? All You Need to Know Ahead of Union Budget 2021
News 18Every salaried person in India has to pay a certain amount of money in the form of tax to the Income Tax Department of India. Form 16 or the Income Tax Return form is a document that has details about your taxable salary, a breakup of deductions under Section 80C, TDS, an aggregate of Section 80C Deductions. The Income Tax Department introduced two simpler income tax return forms for individual taxpayers from the financial year 2010-11. The taxman started crediting the income tax refunds directly to the taxpayers’ bank accounts through the Electronic Clearance Service, discontinuing the practice of remitting cheques by post from the financial year 2013-14. Income Tax Department presently offers seven forms to the assessees for filing their income tax returns, and one form – ITR-V – for electronic verification.
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